Shenzhen Zowee Technology Co., Ltd. (SZSE:002369) announced a private placement of not more than 173,372,011 A shares for gross proceeds of not more than CNY 1,220,000,000 on May 21, 2020. The transaction will include participation from not more than 35 specific investors including, funds managed by Xiamen Torch Venture Capital Co., Ltd. and Wuhan Jiangxia Technology Investment Group Co., Ltd. for CNY 300,000,000 each. The company has signed subscription agreement with Xiamen Torch Venture Capital Co., Ltd. The shares will be issued at premium to par value of CNY 1 per share. The company will issue shares at a price not less than 80% of the average price of the company's shares 20 trading days before the first day of the issue period. All shares subscribed by Xiamen Torch Venture Capital Co., Ltd. and Wuhan Jiangxia Technology Investment Group Co., Ltd. will have lock-up period of 18 months, and all shares subscribed by other investors will have lock-up period of 6 months. The transaction has been approved in the 4th meeting of the 5th directorate of the company, and is subject to the approval in the company's shareholders meeting, and of China Securities Regulatory Commission.